The Australian small-cap market opened higher on Friday as Wall Street’s technology-led rally and stronger commodity prices improved investor appetite for risk-sensitive stocks.
At 10 am AEST, the S&P/ASX Small Ordinaries opened at 3,461.20, up 20.40 points, or 0.59%.
The advance came after the S&P 500 rose 1.1% and the Nasdaq gained 1.4%, while Bitcoin surged 5%. Gold, silver, copper and iron ore also strengthened, delivering a broadly positive backdrop for junior resources companies.
Against this improving market backdrop, Aurum Resources reported further gold intersections outside an existing resource boundary in Côte d’Ivoire, while FireFly Metals completed a major equity raising.
Aurum extends Boundiali gold mineralisation
Aurum Resources Ltd (ASX:AUE) has reported further gold intercepts from the BST1 deposit at its 3.22-million-ounce Boundiali Gold Project in Côte d’Ivoire.
Results were received from 22 diamond holes totalling 5,774 metres, drilled as part of the company’s ongoing 100,000-metre Boundiali campaign.
The combination of infill and extensional drilling confirmed that gold mineralisation continues down-dip beyond the current BST1 mineral resource boundary. The system remains open, providing scope for additional resource growth.
Aurum plans to complete 130,000 metres of drilling across its portfolio during 2026. This comprises 100,000 metres at Boundiali and 30,000 metres at the Napié Gold Project, where drilling is scheduled to begin during the fourth quarter.
Sixteen company-owned diamond drill rigs are operating to support the program.
An updated mineral resource estimate for Boundiali is targeted for early in the fourth quarter, based on a drilling cut-off at the end of September. A definitive feasibility study is expected later in 2026.
Aurum has combined group resources of 4.4 million ounces of gold across Boundiali and the 1.16-million-ounce Napié project. The company held A$54.6 million in cash at June 30, leaving it funded for continued exploration.
FireFly completes A$180 million raising
FireFly Metals Ltd (ASX:FFM, TSX:FFM, OTC:FFMFF) has completed an equity raising that generated gross proceeds of approximately A$180 million before costs.
The raising comprised an A$150 million institutional placement priced at A$1.78 per share. The Australian component, equivalent to about C$149 million, was completed on September 2.
FireFly subsequently completed an approximately A$30 million bought-deal offering in Canada on September 3.
The Canadian offering was priced at C$1.76 per share and generated gross proceeds of approximately C$29.6 million.
